As of January 1, 2018, would-be homeowners are protected from predatory rent-to-own contracts by a new state law that creates some of the strongest consumer safeguards in the nation when it comes to these situations. Housing Action Illinois drafted and advocated for this legislation after a resurgence in predatory contracts from largely unregulated companies that falsely promise homeownership to people with low incomes. Too often, these contracts result in people agreeing to buy houses in extremely poor condition at highly inflated purchase prices and high loan interest rates. For predatory sellers, their business model is based on the buyer defaulting on the contract, so the home can be resold in the same predatory manner. The provisions of the law include many mandatory disclosures and prohibitions on certain contract terms. Join us at this workshop to learn more about the new protections.
Join advocates from across the country in calling for greater investments in affordable homes and in our communities.
Learn more about this national week of action, coordinated by the National Low Income Housing Coalition, at Our Homes, Our Voices.
More information about Illinois events and actions coming soon!